Электроэнергетика

A number of consequent news on Ukrainian electricity generating companies led us to expect further conflict around the shareholdership in GenCos. . After Monday’s statement by the Ukrainian Deputy Coal Minister that Ukrainian electricity generating companies owed UAH 426 mln for coal supplied, two news which we view as connected also appeared yesterday.

The Ministry of Fuel and Energy notes the need to invest UAH 15 bln in the development of the fuel and energy complex and investment projects in the energy sector in 2009.

Ukrainian power generating companies owe UAH 426 mln (USD 69 mln) for coal that has already been supplied to these companies, Deputy Coal Minister of Ukraine Yuriy Yaschenko said yesterday.

Ukraine will start negotiations with the Euro Commission on the development of a common energy union, Ukrainian VP Grigoriy Nemyrya informed yesterday. The negotiations will begin on November 25 and during the first stage of the process, Ukrainian authorities plan to harmonize Ukrainian legislation in the energy sector to accord to European energy rules.

The Cabinet of Ministers of Ukraine overturned the ruling, according to which the stakes in four thermal power generating companies (GenCos) and stakes in six distribution companies (DisCos) were to be withdrawn from the control of the National Energy Company of Ukraine (NECU) and handed over to the State Property Fund (SPF).

The National Electricity Regulation Commission (NERC) has decreased regulated electricity tariffs for teh state-owned nuclear power company Energoatom and the national hydro energy generating company Ukrgidroenergo for the second half of November. Energoatom will earn 9.41% less (UAH 12.9 per MW). Ukrgidroenergo’s regulated tariff was lowered 82.83% to UAH 009.1 per MW.

In the first ten months of 2008, electricity output in the unified energy system (OES) of Ukraine grew by 1.1% YoY to 160.134 bln kWh, according to data released by Ukraine's Fuel and Energy Ministry.

The OJSC ‘Dniprooblenergo’ [DNON UZ, N/R] the largest regional electricity supply company in Ukraine, has announced that it is closing its investment program in relation to the financial crisis. Due to instability in the banking system, its funds in the Kyiv-based Prominvestbank have been blocked.

For the period July-September, Prykarpatoblenergo [PREN UZ, BUY] finished with a net profit of UAH 10.27 mln. In this period, this Ivano-Frankivsk regional company saw its net income drop by 9.16% (or UAH 12.05 mln) to UAH 119.51 mln, compared with the same period in 2007.

In the period July-September 2008, the Open Joint-Stock Company ‘Vinnitsaoblenergo’ [VIEN UZ, BUY] finished 3Q2008 with a net profit of UAH 5.245 mln. In this period, the company increased its net income by 33.13% (or UAH 37.06 mln) to UAH 148.93 mln, compared with the same period last year.